Gerresheimer Q2 Net Profit Slightly Down, Revenues Rise; Sees Strong H2; Backs FY21 View

German drug delivery devices maker Gerresheimer AG (GRRMF.PK) reported Tuesday that its second-quarter net income attributable to shareholders was 28.13 million euros, slightly lower than last year’s 28.99 million euros.

Earnings per share were 0.90 euro, compared to 0.92 euro a year ago.

Adjusted net income was 41 million euros, compared to 37.7 million euros last year. Adjusted earnings per share stood at 1.28 euros, compared to prior year’s 1.18 euros.

Adjusted EBITDA in the core business stood at 85 million, euros, corresponding to an organic growth of 3.1 percent.

Revenues for the quarter increased to 377 million euros from last year’s 362.93 million euros. Revenues increased organically by 7.5 percent, with revenues in the core business growing by 7.1 percent year on year.

Looking ahead for the financial year 2021, the company projects adjusted earnings per share to improve by around 10 percent on a core business, currency adjusted basis.

Revenue growth is expected in the mid-single-digit percentage range and adjusted EBITDA margin between 22 percent and 23 percent.

For the medium term, core business adjusted earnings per share is expected to improve by at least 10 percent per year. The company expects revenue growth in the high single-digit percentage range on a currency adjusted basis, and adjusted EBITDA margin is expected around 23 percent.

Dietmar Siemssen, CEO of Gerresheimer, said, “We revealed our strengths in the second quarter. Prefillable syringes and other high-value solutions such as for biotech drugs are the main drivers. The delivery of injection vials is running as planned. We expect a strong second half of the year and confirm our guidance for 2021.”

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